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Younger workers realize they need to prepare for retirement, but only 46% of those in Generation X put retirement at the top of their savings priorities, a LIMRA survey says. Among Generation Y, retirement savings fell behind travel and vacations atop their priorities. Retirement savings were found to be a lower priority for women, with 43% of Gen X and 27% of Gen Y women naming retirement among their top three priorities for saving.

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A recent survey by TIAA-CREF found that among Generation Y Americans, 41% said a secure monthly income was their top priority for retirement, but 70% didn't know what an annuity was. This data signal "a need for education among Gen Y clients," according to Amy Podzius of TIAA-CREF.

IRI released new research showing that few baby boomer and Generation X women are confident in achieving a financially secure retirement. The report found that many women are still facing financial challenges, which are impairing their retirement readiness and outlook. Overall, only 30 percent of boomer women and 13 percent of Gen X women have high levels of confidence in their ability to save enough to live comfortably in retirement. Read the full report here.

The overwhelming majority of baby boomer and Generation X women are seriously worried about outliving their retirement savings, according to a report from the Insured Retirement Institute. Among female baby boomers, 70% expressed "weak or no confidence" in having a comfortable retirement. Among Gen X women, 88% felt the same way.

Twenty percent of Generation X and Y consumers say they use a financial adviser, and only 14% consider themselves "very knowledgeable" about the product options available, according to a LIMRA survey. Among Gen X households, 43% of their $3 trillion in assets are in pension and retirement accounts, with 30% in IRAs and two-thirds in defined-contribution plans, LIMRA says. Less than 50% of Gen X members said they save more than 8%, while one-fifth of Gen Y respondents said they're saving less than 3%.

More than 1 in 3 women say they have taken no steps to prepare financially for retirement, and 33% said they are knowledgeable about financial products, according to LIMRA. "Engaging and educating women should be a top priority of our industry," LIMRA's Alison Salka said, adding, "Because of their lack of knowledge and understanding of our products and services, [women] are not taking the steps to reduce the risk that they run out of money in retirement."